Energy, Metals Powered Chinese SOEs to USD112 Billion First Quarter Profit

Energy, Metals Powered Chinese SOEs to USD112 Billion First Quarter Profit

Chen Juan

Date: Fri, 04/27/2018 - 12:09 / source:Yicai
Energy, Metals Powered Chinese SOEs to USD112 Billion First Quarter Profit
Energy, Metals Powered Chinese SOEs to USD112 Billion First Quarter Profit

(Yicai Global) April 27 -- Profits at China’s state-owned enterprises rose to more than CNY711 billion (USD112 billion) in the first quarter with energy and metals sectors leading the charge.

The figure was up almost 17 percent on the year, data from the Ministry of Finance shows. Total revenue climbed 8.9 percent to almost CNY13 trillion (USD2 trillion).

Gross assets weighed in at over CNY164 trillion while liabilities tallied close to CNY107 trillion, up 9.6 percent and 8.7 percent annually. The ministry did not disclose data for each individual industry.

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Keywords: SOEs, GOVERNMENT